<p>Okay, so this post is about scholarship foundations in general rather than the scholarships themselves.</p>
<p>My parents have funded 3 scholarships at the college where my dad teaches but they are managed by the college and only apply to students of the college.</p>
<p>How are independent scholarship foundations managed? How does one go about creating such a foundation? Is there a special specification that a scholarship foundation must have for tax purposes?</p>
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